SCHEDULES

SCHEDULE 1Consequential amendments

Part 1Income and Corporation Taxes Act 1988

265

In section 646(2) (meaning of “relevant net earnings”)—

a

in paragraph (a) for “section 74(m), (p) or (q)” substitute “ section 51 of ITTOIA 2005 ”,

b

after that paragraph insert—

aa

deductions in respect of any annuity or other annual payment (other than interest) payable out of his profits;

c

in paragraph (bb) for “section 332(3) of this Act” substitute “ section 159 of ITTOIA 2005 ”.